
Due to the continuous increase in the prices of petrol and diesel, the government is under great pressure to cut their prices. To get relief from their increased prices, there is a demand to bring them under the purview of GST. Recently, the Prime Minister and then the Chief Economic Advisor Krishnamurthy Subramaniam also advised to bring it under the purview of GST. Before this, Petroleum Minister Dharmendra Pradhan has also suggested this. However, Finance Minister Nirmala Sitharaman has described it as religious. Now SBI economist Soumikanti Ghosh has said that after being brought under the ambit of GST, the price of petrol and diesel can come to Rs. 68.
Petrol and diesel fall in GST, 0.4% loss to GDP
Saumyakanti Ghosh has said in his assessment that petrol and diesel and the state governments will only incur a revenue loss of one lakh crore rupees which will be 0.4 percent of GDP. This assessment has been done based on the price of crude oil in the international market at $ 60 per barrel and a dollar-rupee exchange rate of 73 rupees per dollar. Both the central and state governments impose their tax on petrol and diesel. States apply VAT on petrol and diesel as per their requirement. The center imposes excise duty. With this, the center's cess is put on it. In some parts of the country, the price of petrol has reached 100 rupees a liter.
Saudi Arabia turned down India's request
Meanwhile, OPEC has ignored India's plea to lift applicable controls on crude oil production. At the same time, there has been an increase in the price of crude oil in the international market. Saudi Arabia has told India that it can use the crude oil it bought at the time when the price of crude oil went down significantly last year. Brent crude oil, which is the most used crude oil, rose nearly one percent to $ 67.44 a barrel on Friday.
Petroleum Minister Dharmendra Pradhan appealed to OPEC countries to reduce the restrictions imposed on production to bring stability in the price of crude oil. He believed that due to the rising crude oil prices in the international market, both the improvement in the economic sector and the demand are having a bad effect.
Goat is stolen from Pakistani cricketer Kamran Akmal's house had to be sacrificed on Bakrid
Pakistan's wicketkeeper-batsman Kamran Akmal suffered a major setback when his sacrificial goat w
Shouldn't Pak remain as a slave to the dragon? By 2025, about 50 lakh Chinese will work in Pakistan
The way China's interference in Pakistan is increasing and Dragon is continuously sending its peo
On the second day of his Gujarat visit, Prime Minister Narendra Modi was honored in Ahmedabad. On
Biden warns Putin, Russia should not indulge in 'harmful acts'
Joe Biden has reached Britain on his foreign tour for the first time since becoming the President
PM Visits Manipur: Modi's big attack, said - some people want to destabilize Manipur for power
PM Narendra Modi is on a visit to Manipur and Tripura today. Modi reached Imphal, the capital of
Prime Minister Narendra Modi today chaired a meeting of the Council of Scientific and Industrial
Another most eligible bachelor of Bollywood is going to tie the knot soon. Yes, we are talking ab
Heavy snowfall on mountains, prepare to avoid cold, how will be the weather in Delhi NCR
The hill states of North India received heavy snowfall on Monday. Major highways were closed in J
In IPL 2025, Delhi Capitals continued their winning campaign and defeated Royal Challengers Banga
The owner of a house located near the Shiv-Hanuman temple in Sambhal removed a portion of his hou